Equities saw mixed performance this week, with AI mega caps hitting record valuations, despite broader market weakness and a cautious outlook from the Federal Reserve.

Stock Highlights

• Dexus (DXS): Dexus announced a valuation decrease of approximately $1.3 billion, or 9%, in its portfolio, driven by declines in office properties due to higher capitalisation and discount rates.

• Guzman y Gomez (GYG): Shares surged 36% on the first trading day, reaching a market cap of $3 billion. This marks the largest local float in three years and has boosted optimism in the listings market.

• Tabcorp (TAH): Gillon McLachlan, former AFL CEO, has been appointed as the new CEO of Tabcorp, starting August 5, pending regulatory approval.

Trade of the Week

• Physical Silver ETF (ETPMAG): Silver is recommended due to its strong performance driven by a weakening US Dollar Index (DXY) and its role as both a precious and industrial metal. Entry price at $41.25 with a target price of $65 and a 15% trailing stop loss.